Latest news with #HarizahHanimMohamed
Barnama
15 hours ago
- Business
- Barnama
Bursa Opens Higher As Improving Regional Sentiment Spurs Bargain Hunting
By Harizah Hanim Mohamed KUALA LUMPUR, July 22 (Bernama) -- Bursa Malaysia edged up 0.19 per cent at the opening bell on Tuesday, supported by expectations of bargain hunting amid improving regional sentiment. At 9.06 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.88 points to 1,527.47 from last yesterday's close of 1,524.59. The benchmark index was 1.70 points higher at 1,526.29 at the opening bell. Turnover stood at 128.25 million shares worth RM67.52 million. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI pared losses yesterday due to late buying. 'Nonetheless, the above-average trading volume indicates higher trading opportunities. We expect bargain hunting may arise due to improving sentiment across the region. 'As such, we anticipate the benchmark index to trend within the range of 1,520-1,530 today,' he told Bernama. Among the heavyweight counters, Maybank added five sen to RM9.57, TNB and CIMB were two sen better at RM13.80 and RM6.54, Public Bank was flat at RM4.30, while IHH was down two sen to RM6.61.
Barnama
15 hours ago
- Business
- Barnama
Bursa Malaysia Declines For Second Day On Weak Sentiment
By Harizah Hanim Mohamed KUALA LUMPUR, July 22 (Bernama) -- Bursa Malaysia closed 0.34 per cent lower on Tuesday, marking its second straight day of decline, as the lack of buying support and absence of strong cues from key regional indices continued to weigh on sentiment. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) erased 5.19 points to 1,519.40 from yesterday's close of 1,524.59. The benchmark index opened 1.70 points higher at 1,526.29 at the opening bell and moved between 1,518.75 and 1,527.90 throughout the trading session. The market breadth was negative, with 591 losers overtaking 412 gainers and 472 counters unchanged, while 1,004 were untraded and seven suspended. Turnover fell to 2.82 billion shares worth RM2.05 billion from 3.5 billion shares worth RM2.68 billion on Monday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI trended lower due to the lack of buying support as most key regional indices ended in negative territory amid cautious trading ahead of the Aug 1 deadline for potential US trade tariffs. 'Investors are wary of various external factors given the increasing regional market volatility and uncertainties on global economic prospects. 'We reckon the short-term outlook to remain jittery although bargain hunting may prevail, hence, we expect the FBM KLCI to trend range-bound hovering within 1,510-1,540 for the remainder of the week with immediate support at 1,510 and resistance at 1,530,' he told Bernama.
Barnama
2 days ago
- Business
- Barnama
Bursa Malaysia Ends Flat Amid Cautious Sentiment, Mixed Domestic Developments
WORLD By Harizah Hanim Mohamed KUALA LUMPUR, July 21 (Bernama) -- Bursa Malaysia ended almost flat on Monday, with the key index slipping 0.08 per cent, reflecting cautious market tone amid mixed domestic developments and bucking the broader regional trend. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) erased 1.27 points to 1,524.59 from last Friday's close of 1,525.86. The benchmark index was 0.60 of a point better at 1,526.86 at the opening bell and moved between 1,520.02 and 1,526.46 throughout the trading session. The market breadth was negative, with 607 losers overtaking 342 gainers and 504 counters unchanged, while 1,014 were untraded and seven suspended. Turnover improved to 3.5 billion shares worth RM2.68 billion from 3.18 billion shares worth RM2.81 billion on last Friday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said upbeat sentiment was seen across Asia, however, selling pressure continued to persist across emerging markets. 'We believe investor funds are rotating into Hong Kong and Chinese equities. Locally, ongoing foreign and retail selling reflects a cautious wait-and-see sentiment. Nonetheless, the FBM KLCI is well supported above the 1,520 level. 'We reckon today's selldown offers opportunity to bargain hunt stocks at lower levels, hence we expect the index to trend within the 1,510-1,540 level for the week,' he added.
Barnama
4 days ago
- Business
- Barnama
Market Jitters To Set Tone For Ringgit Next Week, With RM4.24-RM4.26 Range Expected
WORLD By Harizah Hanim Mohamed KUALA LUMPUR, July 19 (Bernama) -- The ringgit is expected to hover around RM4.24 to RM4.26 next week amid mixed signals in the market. This follows the anticipation of a potential meeting between United States (US) President Donald Trump and Chinese leader Xi Jinping, as well as the upcoming Federal Open Market Committee (FOMC) meeting by the end of the month. SPI Asset Management managing partner Stephen Innes said the market is expected to adopt a tone of cautious optimism next week, as the potential Trump-Xi meeting could reset the US-China dialogue, lifting broader Asian sentiment. 'For Malaysia, any thaw in trade tensions could brighten the macro outlook and, by extension, offer a floor to the ringgit in the near term. That diplomatic backdrop, however tentative, has helped curb more aggressive ringgit selling into the weekend,' he told Bernama. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said that the next FOMC meeting will be held on July 29 and 30, and therefore, market participants will be closely watching to see whether the US Federal Reserve (Fed) will cut the Fed Fund Rate. 'Next week, there are not many data points to look at other than some comments from the Fed officials; thus, the market will be adopting a wait-and-see stance,' he added. Meanwhile, Kenanga Investment Bank Bhd said the ringgit remains supported by improving domestic fundamentals, rising foreign direct investment inflows, and infrastructure catalysts such as the resumption of the Mass Rapid Transit 3 project. 'We expect US dollar-ringgit to range between RM4.23 to RM4.25 per US dollar in the near term,' it said in a note today.
Barnama
4 days ago
- Business
- Barnama
Ringgit Rebounds To Close Higher On Better-Than-Expected 2Q GDP Forecast
WORLD By Harizah Hanim Mohamed KUALA LUMPUR, July 18 (Bernama) -- The ringgit rebounded from recent losses to end higher against the US dollar on Friday, supported by a better-than-expected forecast of Malaysia's second quarter growth, which signalled that the domestic economy remains resilient amid external uncertainties. At 6 pm, the local note rose to 4.2410/2455 from 4.2465/2510 at Thursday's close. Malaysia's economy is forecast to grow by 4.5 per cent in the second quarter of 2025 (2Q 2025) based on advance gross domestic product (GDP) estimates, slightly outpacing the previous quarter's 4.4 per cent. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the recent pre‑emptive overnight policy rate cut by Bank Negara Malaysia would likely support growth in the second half, especially as downside risks have increased. 'The ringgit appeared to have gained some strength today, improving 0.13 per cent against the US dollar,' he noted. Second quarter growth was driven by robust domestic demand, with the growth momentum sustained in April and May, with a stronger performance anticipated in June, according to the Department of Statistics Malaysia's (DOSM) advance forecast today. At the close, the ringgit traded mostly easier against a basket of major currencies. It improved against the Japanese yen to 2.8517/8549 from 2.8548/8580 at yesterday's close, but eased versus the euro to 4.9336/9388 from 4.9217/9269 and retreated against the British pound to 5.6999/7060 from 5.6886/6946. The local note trended mostly higher against ASEAN currencies.
